A CEO Reality Check
Alex Miller shares an evergreen post on key elements that should be the priority of CEOs.
Four out of 10 CEOS surveyed in our 2016 CEO Outlook report anticipate that their companies will undergo significant transformation over the next three years.
To support their approach to transformation, the CEOs indicated that they are building their strategic priorities around a focus on their customers, as well as on fostering innovation and infusing their organizations with new talent. They are also investing in new product development, cybersecurity solutions, and data and analytics capabilities, to name a few.
When it comes to delivering true value to their customers amidst our disruptive environment, companies should take a thoughtful approach – essentially starting with a blank piece of paper and asking: “How would you do this today if you were starting this business from scratch?”
Most companies are paranoid that a new or existing business competitor would copy their historical strategy—that couldn’t be further from the truth. Most of today’s disruptors start with the customer, assessing what they value the most, and what is lacking in a competitor’s current offering to fill that gap.
For example, a life sciences company KPMG worked with believed they had an invincible position – that no competitor could match their sales force, distribution model, or logistics and warehousing capabilities. However, their customers didn’t place value in these traditional “strengths”. The customers were seeking strong technical support and an efficient, low cost product delivery model with minimal management attention. And so, the company needed to evolve to compete.
Key points include:
Setting strategic priorities
Failing to foster innovation
Developing and hiring a diverse talent pool
Read the full article, CEO priorities: Building agility, fostering innovation, on Linkedin.